ECONOMIC PROGRESS IN IOWA
UNDER PRESIDENT CLINTON

President Clinton's strategy to strengthen the economy is based on reducing the federal budget deficit, lowering trade barriers, and empowering workers, families, businesses and communities to succeed. Here are some of the results for the nation and Iowa after the first two years of the Clinton Administration:

Improved Economic and Fiscal Conditions in the United States:

• Under Clinton Economic Plan, the deficit will be lowered by more than $600 billion -- the deficit will be cut for three years in a row for the first time since Harry Truman was President.
• Almost 6 million new jobs created -- private sector job growth rate 8 times faster than during previous Administration.
• Federal government workforce will drop by 272,900 -- creating lowest workforce since the Kennedy Administration.

Improved Economic Conditions in Iowa:

• 61% more new jobs per year -- 31,930 vs. 19,850 average during the previous 4 years.
• 54% more new private sector jobs per year -- 27,443 vs. 17,800 average during the previous 4 years.
• Almost 13 times as many new manufacturing jobs per year -- 6,417 vs. 500 average during the previous 4 years.
• The unemployment rate has dropped from 4.3% to 3.2%.
• Business failures have dropped by 33%.
• Consumer confidence has increased 32%.

What President Clinton's Accomplishments Have Achieved for the People of Iowa:

13 TIMES MORE IOWA FAMILIES RECEIVE A TAX CUT THAN A TAX INCREASE: As a result of the expanded Earned Income Tax Credit, 118,638 working families in Iowa will receive a tax cut. This compares to an increase in the income tax rate for only the 8,801 wealthiest taxpayers in Iowa.

TAX CUT FOR 15,439 SMALL BUSINESSES IN IOWA: The President helped entrepreneurs, proprietors, and other small businessmen and women by expanding the annual expensing allowance from $10,000 to $17,500. About 15,439 small businesses in Iowa are likely to benefit from the expansion of the expensing allowance this year alone and many more will benefit over the coming years.

446,000 IOWA WORKERS PROTECTED BY FAMILY AND MEDICAL LEAVE ACT: The Family and Medical Leave Act allows workers to take up to 12 weeks of unpaid leave for the birth of a child, to care for a sick family member, or if they become too sick to work. This law covers about 445,605 workers in Iowa, and protects the jobs of 26,769 workers in Iowa who are likely to use unpaid leave this year alone.

357,900 STUDENTS AND FORMER STUDENTS IN IOWA WILL BE ABLE TO BENEFIT FROM STUDENT LOAN REFORMS: Approximately 357,900 Iowa borrowers -- 250,500 current borrowers and 107,400 new borrowers in the next few years -- can take advantage of the new direct student loan program by participating directly in the program or by consolidating guaranteed loans into direct loans. Some will benefit from lower interest rates, and all will benefit from more repayment options, including income contingent repayment.